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Two months without ABL payment and cheap credits: measures are launched for businesses in the Capital


There will be loans of up to $ 500,000 at 12% per year. The Legislature must approve that during May and June they do not pay the property tax. Includes restaurants, bars and hotels.

Damien Kantor

06/30/2020 - 14:42

  • Clarí
  • Economy

The Buenos Aires Government launched this Mars a package of relief measures for "non-essential" businesses, which includes the cancellation of ABL debts while the new phase of quarantine lasts, cheap loans and the suspension of embargoes. Everything points to cushion the lack of activity and the fall in income of around 110,000 CABA businesses (bars, restaurants, bookstores, hairdressers, toy stores, hotels and gyms, among others), which can only be sold with delivery until July 17 , As minimum.

Regarding the property tax, the Buenos Aires administration will send a bill to the Legislature to add other initiatives aimed at alleviating the commercial sector of the Capital. The norm establishes the suspension of embargoes until August 31 and "the cancellation of the Real Estate Tax / ABL during the months of June and July". The Buenos Aires Government estimated that the package as a whole implies a fiscal cost of $ 600 million, at a time when the tax collection in the City falls 35% in real terms.

In addition, the project contemplates the cancellation of the tax on the use of public space for commercial activities on public roads while governing the tightening of mandatory isolation.

Meanwhile, the new line of financing will be in the hands of Banco Ciudad. As Clarín exclusively anticipated , these are soft loans (with an annual rate of 12%, subsidized between the Buenos Aires Government and the City), and will be "destined to the recomposition of working capital" for the months of June and July .  They will be for a maximum amount of $ 500,000 per business and can be managed directly online starting next Friday, July 3, explained a source from the official bank.

These credits contemplate "an extension of terms that contemplate an initial grace period of up to 6 months for the payment of principal and interest and then up to 18 fixed installments, paying the first installment in January 2021, " the official statement said. The objective, clarified official sources, is to cover "as many businesses as possible and the entire process is managed digitally, from the Banco Ciudad website: ".

Lack of credit was one of the most widespread claims of merchants. One of the sector chambers, Fecoba, warned that " the definitive closure of shops reached the alarming figure of 20% since the quarantine began ." With the greatest weight for the businesses of the items considered "non-essential", which today face a panorama crossed by the "massive closings, abrupt drop in billing, increased tax debts, lack of access to credit and the impossibility of facing the payment of wages and bonuses ".

Source: clarin

All business articles on 2020-07-02

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